--- title: "The US treasury auctioned $22B of 30 year bonds at a high yield of 4.773%" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/269417010.md" description: "The US Treasury auctioned $22B of 30-year bonds at a high yield of 4.773%, close to the WI level of 4.774%. The auction had a bid-to-cover ratio of 2.36X, with indirect bidders taking 65.4%, direct bidders 23.5%, and primary dealers 11.2%. The total US public debt is approximately $38.4 trillion as of December 2025." datetime: "2025-12-11T18:03:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/269417010.md) - [en](https://longbridge.com/en/news/269417010.md) - [zh-HK](https://longbridge.com/zh-HK/news/269417010.md) --- > 支持的语言: [English](https://longbridge.com/en/news/269417010.md) | [繁體中文](https://longbridge.com/zh-HK/news/269417010.md) # The US treasury auctioned $22B of 30 year bonds at a high yield of 4.773% The US treasury has auctioned off $22Bof 30 year bonds at a high yield of 4.773% The WI (when-issued) level at the time of the auction was 4.774% The results of a US Treasury auction act as a real-time "report card" on the market's appetite for US government debt. Because US Treasuries are the risk-free benchmark for the entire global financial system, the results ripple across all asset classes—stocks, currencies, and commodities. Given the auction result, my AUCTION GRADE: B ### **US Treasury Auction Process: Key Components** The US Treasury auction process determines the yield (interest rate) the government pays on its debt. The market effectively "votes" on the price of US debt through this mechanism. #### **1\. The "WI" Level (When-Issued) was 4.774%** - Definition: "When-Issued" refers to trading that occurs in the time between the announcement of an auction and the actual auction itself. - Significance: It serves as the market's "price consensus" or expected yield leading up to the deadline. It anchors the market's expectations. #### **2\. The Tail -0.1 basis point vs the 6 month average of 0.3 basis points** - Definition: The Tail is the difference between the High Yield (the actual yield determined at the auction) and the WI Yield (the expected yield right before the auction closes). - Tail = High Yield - WI Yield - Interpretation: - Positive Tail (Weak Demand): If the auction yields higher than the WI level (e.g., WI was 4.00% but the auction stopped at 4.02%), it indicates that demand was softer than expected. Dealers had to lower prices (raise yields) to sell the entire issue. - Stopping Through (Strong Demand): If the auction yields lower than the WI level (e.g., 3.98% vs. 4.00%), it indicates aggressive buying. #### **3\. Bid-to-Cover Ratio 2.36X vs the 6 month average of 2.36X** - Definition: The total dollar amount of bids received divided by the amount of debt being sold. - Significance: This is the primary metric for demand. - Higher is better: A ratio of 2.5x means for every $1 of debt offered, $2.50 was bid. Ratios below average suggest weak demand and can spook markets. #### **4\. The Bidders** The Treasury breaks down buyers into three categories to show who is buying the debt: - Indirect Bidders 65.4% vs the 6 month average of 63.7% - Who they are: Foreign central banks, international investors, and some domestic investment managers placing bids through a primary dealer. - Significance: Often viewed as a proxy for foreign demand. High indirect participation is generally seen as bullish (strong global confidence in US debt). - Direct Bidders 23.5% vs the 6 month average of 23.9%: - Who they are: Domestic money managers, insurance companies, hedge funds, and individuals placing bids directly with the Treasury (bypassing dealers). - Significance: Represents "real money" domestic demand. - Primary Dealers 11.2% vs the 6-month average of 12.5% - Who they are: Large banks (e.g., Goldman Sachs, JPMorgan) designated by the NY Fed. They are required to bid in every auction. - Significance: They act as the "backstop." They buy whatever supply the Directs and Indirects don't take. A high Dealer award is generally bearish (bad), as it means the banks are stuck holding excess inventory they must now try to sell into the secondary market. ### **Debt Statistics & This Week's Auction Data** Total US Public Debt Outstanding: As of early December 2025, the total public debt outstanding is approximately $38.4 trillion. Treasury Auctions for the Week of December 8, 2025: The Treasury issued the following amounts in the 3, 10, and 30-year maturities this week: **Maturity** **Auction Date** **Amount Issued** **3-Year Note** Monday, Dec 8 **$58 Billion** **10-Year Note** Tuesday, Dec 9 **$39 Billion** **30-Year Bond** Thursday, Dec 11 **$22 Billion** ## 相关资讯与研究 - [Trump threatens to hit Iran 'extremely hard' over next two to three weeks](https://longbridge.com/zh-CN/news/281445712.md) - [$100 Invested In ProShares Ultra Silver 10 Years Ago Would Be Worth This Much Today](https://longbridge.com/zh-CN/news/281548227.md) - [Iridium Communications Stock (IRDM) Moonshots 12% on SpaceX IPO Filing and Amazon Takeover Rumors](https://longbridge.com/zh-CN/news/281548482.md) - [Micron Sell-off Is a "Buying Opportunity" Says Mizuho](https://longbridge.com/zh-CN/news/281560003.md) - [Every Major Hyperscaler Is Moving To Arm — Here's Why It Matters](https://longbridge.com/zh-CN/news/281502285.md)